5 is a bad number

Wouldn’t an economic recover be good?

Of course it would.  But it does not seem that the no-governmentally full-controlled mortgage packaging mirrored giants, Fannie Mae (FNMA) and Freddie Mac (FHLMC) really care.
If you are an investor of real estate that owns a total of 5 or more properties, you are personal non grata in terms of getting a new loan through the agencies.
And, since the agencies are oligopoly of originations, more professional people that may even know how to operate property management are bared from getting loans.
How stupid is that?
So, what they are saying is that if you are a start up investor with little or no experience, they’ll be happy to give you a chance at trying your hand at the game many people just got slaughtered at and produced multiple foreclosures, thereby reducing property values even more.
You can’t even refinance your own personal residence just to save money because of your multi property status.
I actually have one lender that I use that will allow unlimited properties, but they only do loans for primary residences.   It’s not enough.  We need pressure on the agencies through Barney Frank and other legislators to realize that what F and F are doing is just plain dumb.
As I have urged before, contact your MOC (Member of Congress) and tell them what they should have F and F do.

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